Nov 24, 2012 7:00am PST
that pushed that no new taxes pledge signed bay majority of republicans in congress. here's what chambliss says. i care more about my country than i do a 20-year-old pledge. he's willing to let the political consequences take care of themselves. raising taxes has been at the center of the fiscal cliff dispute. democrats demanding it. republicans saying no way. so amy, is this a sizable crack in the republican armor? >> we are seeing that the two sides are going to need to negotiate if we don't go over the fiscal cliff. i would point out that patty murray, a democratic senator from washington state says we should go over it, certainly in contrast to the rest of her party. so i think that we're seeing negotiations on both sides. but i want to point out what the fiscal cliff really means. it means the tax rates go up for everyone across the board. if you earn a paycheck, your taxes are going up. that's not just your federal income tax. that's your social security tax as well. we've been on a social security tax holiday, people are unaware of this, only as employees paying in 2.4%. after decem
Nov 24, 2012 4:30am PST
you. >>> to politics now and taxes. they are at the heart of the negotiations over the fiscal cliff. and now georgia senator saxby chambliss says a no tax pledge signed by most republicans is standing in the way of getting that deal done. >> times have changed significantly. and i care more about this country than i do about a 20-year-old pledge. i think we owe the debt and we've got to figure out a way to pay it. >> that pledge was written by grover norquist and his group americans for tax reform. norquist talked about this on cnn's "the situation room." >> the commitment he made to the people of georgia was not to me. it was a written commitment to the people of georgia that he would go to washington to reduce government spending and reform government, not raise taxes. if he wants to change his mind and become a tax increaser, so we don't have to reform government, he needs to have that conversation with the people of georgia. >> we've got 38 days before we go over that cliff. if there's no deal before the end of the year, taxes will go up for every american. >>> amid fears the ce
Nov 25, 2012 5:00am PST
points, and that's how to raise more tax revenue. we know republicans can put revenue on the table, but they don't want to see tax rates go up for anyone. we also know that the president ran on this idea of raising taxes on the wealthiest among us. the other issue is entitlements. republicans want to see democrats reform programs like medicare, so those are the sticking points. now, if there's been progress that hasn't been made public yet, and i can tell you that right after the election the president spoke with house speaker john boehner, and they talked about a great phone cal, courteous phone call, they say, but that aides talked about how each side talked about the importance of not making all these public statements so that each side could have room to negotiate. if there's movement being made, we don't know that yet. athena jones, thank you very much. >> coming up in about ten minutes your brain on the fiscal cliff. don't worry. there is a cure. >>> speaking of a whole lot of money, the powerball jackpot is now the largest many the game's history. an estimated $425 million.
Nov 24, 2012 5:00am PST
black friday and maybe their taxes will go up at the same time is this fiscal cliff threat playing any role in what we're seeing as it relates to holiday shopping? >> it is and it isn't. 64% of the people that were polled by the national retail federation said they were going to be affected by the political uncertainty and how they would be shopping this year, but last year people spend about $740 during the holiday season. that's expected to go up by-10 year to 750 so even though they are saying they are concerned about the fiscal cliff, definitely worried about their finances, the taxes, the economic climate, people do seem to have holiday fever, and they are out there shopping. when you think about what are they shopping for this year? it's a lot of big-ticket items. they are calling it the year of the toy which typical. you've got barbies and legos and furbies, and guess what else is also at the top of the list, apple products, iphones, ipads, mini ipads. those are very expensive items, and they are not being discounted because companies like apple don't have to, so even though peo